# Table 9: Temporal Stability of the Coefficient Path

Does the shape of the income-ordered coefficient path change between pre-GFC and post-GFC periods?


## Current Account / GDP

| Period | Top N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Pre-GFC (1986-2007) | 20 | 17 | 14.22 | 52.30 | 0.7859 | 0.328 |
| Pre-GFC (1986-2007) | 40 | 37 | 14.43 | 25.16 | 0.5665 | 0.289 |
| Pre-GFC (1986-2007) | 60 | 55 | -3.43 | 23.01 | 0.8817 | 0.286 |
| Pre-GFC (1986-2007) | 80 | 71 | 30.28 | 24.97 | 0.2255 | 0.233 |
| Pre-GFC (1986-2007) | 100 | 90 | 34.85 | 21.63 | 0.1074 | 0.257 |
| Pre-GFC (1986-2007) | 179 | 157 | 10.60 | 18.11 | 0.5583 | 0.155 |
| Post-GFC (2008-2024) | 20 | 15 | -26.41 | 73.11 | 0.7184 | 0.142 |
| Post-GFC (2008-2024) | 40 | 35 | 41.63 | 22.87 | 0.0695 | 0.564 |
| Post-GFC (2008-2024) | 60 | 52 | 32.81 | 19.98 | 0.1011 | 0.469 |
| Post-GFC (2008-2024) | 80 | 67 | 20.49 | 19.25 | 0.2874 | 0.407 |
| Post-GFC (2008-2024) | 100 | 85 | 22.90 | 20.98 | 0.2752 | 0.360 |
| Post-GFC (2008-2024) | 188 | 159 | 4.91 | 15.55 | 0.7523 | 0.303 |
| Full (1986-2024) | 20 | 15 | 32.49 | 31.68 | 0.3056 | 0.381 |
| Full (1986-2024) | 40 | 35 | 32.91* | 15.88 | 0.0384 | 0.347 |
| Full (1986-2024) | 60 | 52 | 27.30 | 15.53 | 0.0791 | 0.314 |
| Full (1986-2024) | 80 | 67 | 22.23 | 16.11 | 0.1677 | 0.281 |
| Full (1986-2024) | 100 | 86 | 31.11* | 15.30 | 0.0421 | 0.288 |
| Full (1986-2024) | 188 | 160 | 4.23 | 12.16 | 0.7282 | 0.194 |

## Gross Savings / GDP

| Period | Top N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Pre-GFC (1986-2007) | 20 | 17 | 69.37 | 62.63 | 0.2689 | -0.508 |
| Pre-GFC (1986-2007) | 40 | 36 | 27.42 | 38.75 | 0.4794 | -0.336 |
| Pre-GFC (1986-2007) | 60 | 55 | 17.85 | 35.95 | 0.6195 | -0.286 |
| Pre-GFC (1986-2007) | 80 | 71 | 26.19 | 32.98 | 0.4273 | -0.267 |
| Pre-GFC (1986-2007) | 100 | 90 | 45.37 | 32.13 | 0.1581 | -0.059 |
| Pre-GFC (1986-2007) | 162 | 143 | 36.39 | 29.05 | 0.2106 | 0.215 |
| Post-GFC (2008-2024) | 20 | 16 | 93.38* | 36.20 | 0.0107 | 0.788 |
| Post-GFC (2008-2024) | 40 | 35 | 73.54** | 25.08 | 0.0036 | 0.710 |
| Post-GFC (2008-2024) | 60 | 54 | 48.11* | 24.29 | 0.0481 | 0.565 |
| Post-GFC (2008-2024) | 80 | 70 | 36.53 | 23.61 | 0.1222 | 0.518 |
| Post-GFC (2008-2024) | 100 | 89 | 50.53* | 21.71 | 0.0201 | 0.394 |
| Post-GFC (2008-2024) | 169 | 148 | 9.43 | 23.00 | 0.6820 | 0.349 |
| Full (1986-2024) | 20 | 16 | 42.16 | 38.62 | 0.2755 | 0.333 |
| Full (1986-2024) | 40 | 35 | 36.23 | 24.37 | 0.1375 | 0.277 |
| Full (1986-2024) | 60 | 54 | 29.55 | 22.49 | 0.1892 | 0.137 |
| Full (1986-2024) | 80 | 70 | 25.63 | 20.57 | 0.2129 | 0.154 |
| Full (1986-2024) | 100 | 89 | 45.69* | 19.81 | 0.0212 | 0.102 |
| Full (1986-2024) | 171 | 149 | 40.62* | 19.71 | 0.0394 | 0.229 |

## Gross Investment / GDP

| Period | Top N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Pre-GFC (1986-2007) | 20 | 17 | 11.75 | 36.04 | 0.7447 | -0.132 |
| Pre-GFC (1986-2007) | 40 | 36 | 30.68 | 20.53 | 0.1357 | 0.187 |
| Pre-GFC (1986-2007) | 60 | 55 | 25.52 | 20.75 | 0.2190 | 0.059 |
| Pre-GFC (1986-2007) | 80 | 71 | 29.29 | 19.72 | 0.1379 | 0.018 |
| Pre-GFC (1986-2007) | 100 | 90 | 43.99* | 18.89 | 0.0200 | 0.088 |
| Pre-GFC (1986-2007) | 162 | 143 | 65.17*** | 17.97 | 0.0003 | 0.136 |
| Post-GFC (2008-2024) | 20 | 16 | 96.03 | 52.94 | 0.0713 | 0.149 |
| Post-GFC (2008-2024) | 40 | 35 | 37.21 | 23.79 | 0.1186 | 0.171 |
| Post-GFC (2008-2024) | 60 | 54 | 10.79 | 19.76 | 0.5853 | 0.187 |
| Post-GFC (2008-2024) | 80 | 70 | 22.39 | 20.34 | 0.2713 | 0.127 |
| Post-GFC (2008-2024) | 100 | 89 | 11.79 | 21.17 | 0.5776 | 0.082 |
| Post-GFC (2008-2024) | 168 | 147 | 24.85 | 19.71 | 0.2075 | 0.059 |
| Full (1986-2024) | 20 | 16 | 45.89 | 26.12 | 0.0796 | 0.086 |
| Full (1986-2024) | 40 | 35 | 38.31* | 15.80 | 0.0155 | 0.149 |
| Full (1986-2024) | 60 | 54 | 22.69 | 15.16 | 0.1346 | 0.101 |
| Full (1986-2024) | 80 | 70 | 23.43 | 14.67 | 0.1106 | 0.068 |
| Full (1986-2024) | 100 | 89 | 20.38 | 14.69 | 0.1654 | 0.084 |
| Full (1986-2024) | 170 | 148 | 40.39** | 14.02 | 0.0040 | 0.093 |

## 10-Year Bond Yield

| Period | Top N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Pre-GFC (1986-2007) | 20 | 20 | 108.41*** | 19.90 | 0.0000 | 0.354 |
| Pre-GFC (1986-2007) | 23 | 23 | 102.34*** | 20.04 | 0.0000 | 0.311 |
| Pre-GFC (1986-2007) | 23 | 23 | 102.34*** | 20.04 | 0.0000 | 0.311 |
| Pre-GFC (1986-2007) | 23 | 23 | 102.34*** | 20.04 | 0.0000 | 0.311 |
| Pre-GFC (1986-2007) | 23 | 23 | 102.34*** | 20.04 | 0.0000 | 0.311 |
| Pre-GFC (1986-2007) | 23 | 23 | 102.34*** | 20.04 | 0.0000 | 0.311 |
| Post-GFC (2008-2024) | 20 | 20 | -60.08** | 21.28 | 0.0052 | 0.055 |
| Post-GFC (2008-2024) | 23 | 23 | -51.62 | 32.56 | 0.1140 | 0.095 |
| Post-GFC (2008-2024) | 23 | 23 | -51.62 | 32.56 | 0.1140 | 0.095 |
| Post-GFC (2008-2024) | 23 | 23 | -51.62 | 32.56 | 0.1140 | 0.095 |
| Post-GFC (2008-2024) | 23 | 23 | -51.62 | 32.56 | 0.1140 | 0.095 |
| Post-GFC (2008-2024) | 23 | 23 | -51.62 | 32.56 | 0.1140 | 0.095 |
| Full (1986-2024) | 20 | 20 | 59.96*** | 17.68 | 0.0007 | 0.286 |
| Full (1986-2024) | 23 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| Full (1986-2024) | 23 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| Full (1986-2024) | 23 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| Full (1986-2024) | 23 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| Full (1986-2024) | 23 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |